Foteinos, Safe Bulkers Director/COO

Friday, February 20, 2009

Safe Bulkers, Inc. (NYSE:SB), an international provider of marine drybulk transportation services, has confirmed that its Chief Operating Officer and director, Nicolaos Hadjioannou, has resigned from both positions with the company in order to pursue his own shipping activities. Under his contractual arrangements with the company, Mr. Hadjioannou cannot pursue drybulk vessel business opportunities for the next 12 months, unless first offered to, and refused by, the company.

Polys Hajioannou, Chairman of the Board of Directors and Chief Executive Officer of the Company said “Although he will be missed, Nicolaos’ departure to pursue his own business opportunities is a natural progression for him. I definitely agree that now is the right moment for his decision. I thank Nicolaos for the contributions he has made to Safe Bulkers, Inc., and wish him all the best in his future endeavors, for which he has every credential to make successful.”

The company has appointed John Foteinos to replace Nicolaos Hadjioannou as a director and Chief Operating Officer. Mr. Foteinos has 25 years of experience in the shipping industry. After obtaining a bachelors degree in nautical studies, he joined the predecessor of our Manager, Safety Management Overseas, in 1984, where he presently serves and will continue to serve as Chartering Manager. Mr. Foteinos assumes his new position on the Board of Directors and as Chief Operating Officer immediately.